Credit Analysis Reports - Category: Infrastructure & Utilities
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Rating action     MARC has affirmed its BBB-IS rating for Senai-Desaru Expressway Berhad’s (SDEB) RM1.89 billion Islamic Medium-Term Notes Programme (Restructured Sukuk) and revised the outlook to negative from stable.Rationale     SDEB is the concessionaire of the 77-km tolled inter-urban Senai-Desaru Expressway (SDE) in Johor, which links the towns of Senai and De...


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Rating action     MARC has assigned final ratings of MARC-1IS /AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) under its Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable.Rationale     Cellco is a special-purpose entity set up to rai...


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Rating action     MARC has upgraded Quantum Solar Park (Semenanjung) Sdn Bhd’s (QSP Semenanjung) RM1.0 billion Green Sustainable and Responsible Investment (SRI) Sukuk rating to AA-IS from A+IS. The total outstanding sukuk amount stands at RM905.0 million. MARC has concurrently revised the rating outlook to stable from positive.Rationale     The rating upgrade incor...


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Rating action     MARC has affirmed its AA-IS  rating on port operator Pelabuhan Tanjung Pelepas Sdn Bhd’s (PTP) Islamic Medium-Term Notes (Sukuk Murabahah Programme). The rating outlook is stable. The rating has considered the increase in PTP’s programme limit to RM2.15 billion from RM1.9 billion.Rationale     The affirmed rating is mainly driven by PTP’s ...


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Rating action     MARC has assigned ratings of MARC-1IS and A+IS to George Kent (Malaysia) Berhad’s (George Kent) proposed RM100.0 million Islamic Commercial Papers (ICP) Programme and RM500.0 million Islamic Medium Term Notes (IMTN) Programme subject to a combined limit of RM500.0 million. The ratings outlook is stable. Rationale     The assigned ratings refle...


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Rating Action     MARC has assigned a rating of AA-IS to UiTM Solar Power Dua Sdn Bhd’s (UiTM Solar 2) proposed Green SRI Sukuk of up to RM100.0 million. The rating outlook is stable.Rationale     UiTM Solar 2 was set up to develop and operate a 25MW solar power plant in Pasir Gudang, Johor. Its parent, UiTM Energy & Facilities Sdn Bhd (UiTM Energy) operates a 5...


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Rating action     MARC has affirmed its AA-IS rating on Jimah East Power Sdn Bhd’s (JEP) outstanding RM8.98 billion Sukuk Murabahah with a stable outlook.Rationale          JEP owns and operates a 2,000-megawatt (MW) ultra-supercritical coal-fired power plant in Jimah, Negeri Sembilan under a 25-year power purchase agreement (PPA) with Tenaga Nasional...


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Rating action     MARC has downgraded its ratings on MEX II Sdn Bhd’s RM1.3 billion Sukuk Murabahah Programme to BBIS from BBBIS, and RM150.0 million Junior Bonds to B from BB. The ratings remain on MARCWatch Negative.The rating of the Junior Bonds is three notches below the Sukuk Murabahah Programme’s rating, reflecting MARC’s notching policy on subordinated instruments in th...


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MARC has assigned preliminary ratings of MARC-1IS / AAIS to Cellco Capital Bhd’s (Cellco) proposed RM520 million issuance (Issue 1) Islamic Commercial Papers/Islamic Medium-Term Notes (Sukuk Ijarah Programme) with a combined limit of up to RM1.0 billion. The ratings outlook is stable. Cellco is a special-purpose entity set up to raise funds via the Sukuk Ijarah Programme for Stealth Solutio...


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MARC has affirmed its AA-IS  rating on Cerah Sama Sdn Bhd’s RM420.0 million sukuk with a stable outlook. Cerah Sama is the investment holding company of Grand Saga Sdn Bhd, the concessionaire of the 11.5-km Cheras-Kajang Highway.The rating affirmation is premised on the company’s (1) resilient cash flows and stable revenue base (underpinned by steady traffic performance on the mature Cher...


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